E

E ENI S.p.A.

ENI is an Italian integrated oil and gas company. It explores for, produces, refines and sells crude oil and natural gas, and through its Plenitude arm it markets gas and electricity to retail customers. It makes money on the spread between what it costs to pull hydrocarbons from the ground and process them, and the price the market will pay for the barrel or the unit of energy.

Owner earnings 2016–2025 (€1.4B)€1.6B€6.7B€4.3B€415M€7.9B€9.8B€6.4B€5.1B€4.6B

Retained capital Paid out €9.9B more than it earned over 2016–2025; annual owner earnings grew €3.1B.

Balance sheet Meaningful net debt, €13.3B · dividend paid 10 of 10 yrs, cut at least once

EC Ecopetrol S.A.

Ecopetrol is Colombia's national oil company, controlled by the Colombian state. It finds and pumps crude oil and natural gas, refines them into fuels, moves them through its own pipelines, and sells the crude and products at home and abroad. It earns its money on the gap between what oil sells for and what it costs to lift the barrel out of the ground.

Owner earnings 2015–2024 COP 4.91TCOP 10.59TCOP 14.61TCOP 19.17TCOP 23.70TCOP 4.15TCOP 16.42TCOP 27.47TCOP 10.45TCOP 35.61T

Retained capital Retained COP 38.30T of earnings over 2015–2024; annual owner earnings grew COP 14.47T, COP 0.38 per COP 1 retained.

Balance sheet Meaningful net debt, COP 104.77T · dividend paid 10 of 10 yrs, cut at least once

ECO Okeanis Eco Tankers Corp.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings not read

Retained capital not read

Balance sheet Meaningful net debt, $354M

ECX ECARX Holdings Inc.

We collaborate with Qualcomm to offer flexible SoC portfolios for global markets.

Owner earnings 2020–2024 (CN¥437M)(CN¥972M)(CN¥536M)(CN¥1.3B)(CN¥545M)

Retained capital not read

Balance sheet net position not read (debt under-captured)

EDN EDENOR

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2015–2024 ARS 2.7BARS 3.0BARS 6.6BARS 14.8BARS 11.4BARS 31.8BARS 74.3BARS 116.9B(ARS 24.6B)ARS 91.4B

Retained capital Retained ARS 279.5B of earnings over 2015–2024; annual owner earnings grew ARS 57.1B, ARS 0.20 per ARS 1 retained.

Balance sheet net position not read (debt under-captured)

EDU NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

We provide a wide variety of educational programs, services and products.

Owner earnings 2016–2025 $477M$569M$704M$696M$658M$904M($1.4B)$828M$1.0B$757M

Retained capital Retained $340M of earnings over 2016–2025; annual owner earnings grew $286M, $0.84 per $1 retained.

Balance sheet Net cash, debt-free, +$1.9B · dividend paid 3 of 10 yrs, never cut

EFXT Enerflex Ltd

Enerflex s comprehensive portfolio includes compression, processing, cryogenic, power generation, and treated water solutions, spanning all phases of a project s lifecycle, from front-end engineering and design to after-market services.

Owner earnings 2023–2025 $190M$308M$326M

Retained capital not read

Balance sheet Modest net debt, $490M

EGO Eldorado Gold Corporation

Revenue is Turkiye (48%), Canada (36%) and Greece (16%).

Owner earnings 2016–2025 $62M($41M)($38M)$13M$237M$166M($79M)$122M$405M$484M

Retained capital Paid out $153M more than it earned over 2016–2025; annual owner earnings grew $343M.

Balance sheet Modest net debt, $358M · dividend paid 1 of 10 yrs, cut at least once

EH EHang Holdings Limited ADS

An aerospace and defense contractor, working a multi-year backlog of large programs.

Owner earnings 2017–2025 (CN¥43M)(CN¥48M)(CN¥58M)(CN¥158M)(CN¥129M)(CN¥182M)(CN¥96M)CN¥145M(CN¥198M)

Retained capital not read

Balance sheet Net cash, +CN¥987M

ELE Elemental Royalty Corporation

Acquisition of Further Royalty Interest on Caserones Copper Mine On July 12, 2023, Elemental acquired an additional 0.030% NSR on the producing Caserones Mine in Chile, for a total cash consideration of US$2.6 million.

Owner earnings 2024–2025 $5M$31M

Retained capital not read

Balance sheet Net cash, debt-free, +$69M

ELLO ELLOMAY CAPITAL LTD.

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2015–2024 €4M€2M(€2M)€3M(€3M)(€9M)€1M(€4M)(€7M)(€8M)

Retained capital Paid out €18M more than it earned over 2015–2024; annual owner earnings fell €8M.

Balance sheet Net cash, +€5M · dividend paid 1 of 10 yrs, never cut

ELPC Companhia Paranaense de Energia (COPEL)

Companhia Paranaense de Energia (COPEL) offer innovative and digital services and products.

Owner earnings 2015–2022 R$568MR$769MR$258MR$1.0BR$2.6BR$3.7BR$3.0BR$3.4B

Retained capital Retained R$12.8B of earnings over 2015–2022; annual owner earnings grew R$2.8B, R$0.22 per R$1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 8 of 8 yrs, cut at least once

ELTK Eltek Ltd.

A semiconductor business, riding a brutal capacity cycle on the edge of Moore's Law.

Owner earnings 2016–2025 ($543K)($4M)($1M)$2M$2M$2M$2M$8M$3M($958K)

Retained capital Retained $10M of earnings over 2016–2025; annual owner earnings grew $5M, $0.49 per $1 retained.

Balance sheet Net cash, debt-free, +$2M · dividend paid 3 of 10 yrs, cut at least once

ELVR Elevra Lithium Limited

Elevra is among the largest hard rock lithium producers in North America based on the combined life-of-the-mine spodumene concentrate capacity, with an advantaged access to U.S. end markets.

Owner earnings 2023–2025 (A$52M)(A$96M)(A$34M)

Retained capital not read

Balance sheet Net cash, +A$58M

EMA Emera Incorporated

Revenue is led by Florida Electric Utility (49%) and Canadian Electric Utilities (22%), with 3 more segments behind.

Owner earnings 2016–2025 C$465MC$337MC$762MC$614MC$738MC$270M(C$46M)C$1.2BC$1.5BC$504M

Retained capital Retained C$3.1B of earnings over 2016–2025; annual owner earnings grew C$534M, C$0.17 per C$1 retained.

Balance sheet Heavy net debt, C$19.1B · dividend paid 10 of 10 yrs, never cut

EMBJ Embraer S.A.

Revenue is led by Aircraft (61%) and Service (19%), with 2 more lines behind.

Owner earnings 2016–2025 ($201M)$515M$953M$707M($1.4B)$414M$615M$378M$671M$683M

Retained capital Paid out $331M more than it earned over 2016–2025; annual owner earnings grew $155M.

Balance sheet net position not read (debt under-captured) · dividend paid 3 of 10 yrs, cut at least once

ENGS Energys Group Limited

We are an energy service company founded in the United Kingdom with over 23 years of experience in deploying energy-saving technologies and services.

Owner earnings 2023–2025 (£631K)(£1M)(£508K)

Retained capital not read

Balance sheet Net debt against an operating loss, £6M

ENIC Enel Chile S.A.

Enel Chile is a Chilean electric utility. It does two things: it generates electricity — from water, wind, and sun alongside other kinds of plants — and it owns the wires that carry power to homes and businesses in central Chile, including the Santiago area. It earns by selling that power and by charging to deliver it across its network, with the delivery side run as a regulated local monopoly.

Owner earnings 2015–2024 CLP 423.3BCLP 453.0BCLP 482.9BCLP 520.3BCLP 507.1BCLP 525.9BCLP 202.0BCLP 506.5BCLP 452.3BCLP 1.24T

Retained capital Retained CLP 1.12T of earnings over 2015–2024; annual owner earnings grew CLP 278.3B, CLP 0.25 per CLP 1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

ENLT Enlight Renewable Energy Ltd.

Our transformation has been driven by a tailored strategy of gradual entry into new markets, coupled with a clear focus on execution.

Owner earnings 2020–2025 $24M$33M$48M$126M$146M$133M

Retained capital Retained $156M of earnings over 2020–2025; annual owner earnings grew $100M, $0.64 per $1 retained.

Balance sheet Modest net debt, $355M · dividend paid 6 of 6 yrs, cut at least once

ENLV Enlivex Ltd.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2025 ($16M)($2M)($3M)($7M)($11M)($18M)($25M)($24M)($13M)($10M)

Retained capital not read

Balance sheet Net cash, +$20M

EQNR Equinor ASA

Revenue is led by Crude oil (55%) and Natural gas (24%), with 4 more lines behind.

Owner earnings 2016–2025 ($3.4B)$4.0B$8.3B$3.5B$1.9B$20.8B$26.4B$18.7B$9.8B$10.1B

Retained capital Retained $2.8B of earnings over 2016–2025; annual owner earnings grew $9.9B.

Balance sheet Modest net debt, $6.8B · dividend paid 10 of 10 yrs, cut at least once

EQX Equinox Gold Corp.

Revenue is led by Greenstone (43%) and Nicaragua (27%), with 5 more segments behind.

Owner earnings 2018–2025 ($28M)$21M$124M$124M($131M)$143M$262M$479M

Retained capital Retained $975M of earnings over 2018–2025; annual owner earnings grew $256M, $0.26 per $1 retained.

Balance sheet Meaningful net debt, $943M

ERIC Ericsson

Ericsson is a leading provider of mobile connectivity solutions to communications service providers, enterprises and the public sector.

Owner earnings 2016–2025 SEK 7.9BSEK 5.7BSEK 5.4BSEK 11.8BSEK 24.4BSEK 35.4BSEK 26.4BSEK 3.9BSEK 43.9BSEK 30.3B

Retained capital Paid out SEK 47.9B more than it earned over 2016–2025; annual owner earnings grew SEK 19.7B.

Balance sheet Net cash, +SEK 11.2B · dividend paid 10 of 10 yrs, cut at least once

ERO Ero Copper Corp.

Revenue is Copper (79%) and Gold (21%).

Owner earnings 2020–2025 $163M$364M$143M$162M$144M$394M

Retained capital Retained $643M of earnings over 2020–2025; annual owner earnings grew $10M, $0.01 per $1 retained.

Balance sheet Modest net debt, $446M

ESEA EUROSEAS LTD.

We calculate spot charter rates on contracts made in the spot market for the use of a vessel for a specific voyage to transport a specified agreed upon cargo at a specified freight rate per ton or occasionally a lump sum amount.

Owner earnings 2016–2020 ($4M)$4M($1M)($938K)$2M

Retained capital Paid out $39M more than it earned over 2016–2020; annual owner earnings grew $122K.

Balance sheet Modest net debt, $40M · no dividend paid

ESLT Elbit Systems Ltd.

Revenue is led by Land (28%) and Aerospace (23%), with 3 more segments behind.

Owner earnings 2016–2025 $84M($7M)$89M($191M)$147M$228M$79M($73M)$376M$607M

Retained capital Retained $2.0B of earnings over 2016–2025; annual owner earnings grew $248M, $0.13 per $1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

ETOR eToro Group Ltd. Class A

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

EUDA EUDA Health Holdings Limited

A healthcare-services business, paid to deliver or facilitate care.

Owner earnings 2021–2025 $443K($2M)($2M)($3M)

Retained capital not read

Balance sheet Net cash, debt-free, +$376K

EVAX Evaxion A/S American Depositary Share

Evaxion is a pioneering TechBio company based upon our proprietary AI platform, AI-Immunology , which has been continuously developed and refined over the past 18 years.

Owner earnings 2018–2025 ($2M)($7M)($13M)($22M)($26M)($18M)($13M)($7M)

Retained capital not read

Balance sheet Net cash, +$9M

EVO Evotec SE

Revenue is D&PD (77%) and JEB (23%).

Owner earnings 2019–2024 €11M€3M€56M€123M(€57M)(€99M)

Retained capital Paid out €196M more than it earned over 2019–2024; annual owner earnings fell €34M.

Balance sheet Net cash, +€41M

EXK ENDEAVOUR SILVER CORP.

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2016–2025 $9M($992K)($14M)($31M)$13M($515K)$30M($16M)($11M)($6M)

Retained capital Paid out $170M more than it earned over 2016–2025; annual owner earnings fell $9M.

Balance sheet Net cash, +$204M